In today’s back-to-school education post, we’re taking a close look at how small business owners can protect their financial data. If you watched this morning’s news, you likely heard about a massive data security breach in which 1.2 billion—yes, BILLION—email address and password combinations were stolen by Russian hackers. According to the New York Times this is the largest known collection of stolen Internet credentials—and that means there is a good likelihood that it will affect you or someone you know. At least 420,000 websites were discovered as part of this hack, including household names—which means everyone from college students to mommy bloggers to small business owners are likely going to be affected by this in coming days and weeks.
For those of us with information stored in the cloud—a growing number by the day—concerns turn from simple annoyances (“Need to change my Staples password again!”) to gut-wrenching horror (“My financial data is in the cloud! Somebody stop them!!!”). With more of our clients turning to cloud-based accounting software to manage everything from their bookkeeping and payroll to expense reporting and time tracking, we know there is a lot of sensitive data floating around in the cloud—and a lot of reliance on accounting technology providers to protect this data.
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